The use of technology in the insurance space has always been closely tied to the competitiveness of the industry. Brokers – in particular – need every advantage they can get their hands on to gain an edge over their competition, making them some of the most receptive in the industry to new insurance technologies.
What does it take for an insurance technology provider to stand out in this highly competitive arms race? A unique and groundbreaking solution? Excellent service and communication? Insurance Business Canada asked brokers which technology companies came through for them, and they answered. The highest-scoring providers then made it to IBC’s list of 5-Star Insurance Technology Providers awardees.
One of this year’s standout winners is BeniPlus. The company’s solution is an innovative online wallet that allows employers to easily give their employees a fixed sum of money for healthcare and wellness services. This wallet can also be conveniently used for employees’ personal insurance and charitable giving.
Apart from being a flexible employee benefits solution, BeniPlus’ platform features no set-up fees, has no ongoing fees involved, has no float requirement, and is simple to implement. No matter how useful a technology may be, it still needs to be simple and easy to use – something BeniPlus has taken to heart. The tech itself may sound simple on paper, but BeniPlus serves an important intermediary role between traditional brokers and small businesses.
According to BeniPlus co-founder and CEO Scott Beckett, brokers would typically bypass serving small businesses because there was not enough money to be made and their solutions were complex, inflexible, and usually unaffordable to smaller organizations.
“So we turned that upside down,” the chief executive said. “Our mantra is ‘simple, flexible and affordable benefits for small businesses.’ So there's no financial risk because you're limiting the employee’s wallet to a set sum of money.”
